Pound Climbs Amid Risk Appetite
October 30 2023 - 3:53AM
RTTF2
The pound strengthened against its major counterparts in the
European session on Monday, as European stocks advanced ahead of a
busy week of earnings, economic data releases and central bank
meetings.
The Federal Reserve, Bank of Japan and Bank of England all are
set to announce their monetary policy decisions this week.
On the earnings front, Apple will unveil its financial results
on Thursday after the U.S. closing bell.
The U.S. jobs report due out on Friday is expected to show that
employers slowed their hiring pace last month, following robust
payroll increases earlier in the year.
Meanwhile, investors shrugged off official data showing that
Germany's economy shrank slightly in the third quarter.
GDP fell by 0.1 percent sequentially in adjusted terms, the
federal statistics office said.
The pound edged up to 1.2141 against the greenback and 181.79
against the yen, from an early 4-day low of 1.2089 and near a
4-week low of 180.76, respectively. The pound is seen finding
resistance around 1.24 against the greenback and 186.00 against the
yen.
The pound touched 1.0974 against the franc, setting nearly a
2-week high. Next key resistance for the currency may be located
around the 1.14 level.
In contrast, the pound weakened against the euro, touching a
4-day low of 0.8730. The currency is poised to challenge support
around the 0.84 level.
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